How to Buy Affordable Small Business Car Insurance Online

8 Min Read

Technology has changed the world in many ways, including the manner in which people purchase car insurance. Every year, it seems like a handful of insurance tech companies move to the forefront to once again alter the course of the industry for the better. As a small business owner, you may find yourself shopping for car insurance. Without the right coverage, you’ll never feel good about your drivers and vehicles hitting the road.

Fortunately, technology allows you to secure a car insurance estimate without personal information within a matter of minutes. From there, you can decide what’s best for your company’s budget. Here are the five steps you can take to buy affordable small business car insurance online:

Know Your Current Coverage

When you know your current coverage, it’s easier to make a decision as to what you should buy the next time around. Maybe you need better coverage, or maybe you can cut back. Either way, this information will come in handy.

The easiest way to do this is to request a copy of your policy from your insurer (if you don’t have one at your disposal).

Review Your Budget

When it comes to money management as a small business owner, it’s critical that you have a firm grasp of your budget at all times. Once you review your budget, as well as how much you currently pay for coverage, you can decide what to do next.

Along with this, learn more about the average cost of car insurance. Doing so will help you see if you’ve been getting a good deal or if you’ve been overpaying for coverage. If you don’t review your budget upfront, you could end up with a policy that you can’t afford. And that’s a mistake you don’t want to make. 

Request Three to Five Quotes

This is one of the most important steps you’ll take when shopping for car insurance online. Without three to five quotes, there’s no way of knowing if what you’re buying is a good deal.As you compare quotes, pay close attention to the coverage and price. Also, look at things such as available discounts, customer service, and the use of technology.

With three to five quotes at your disposal, you’ll feel more confident when you finally decide to make a purchase. 

Compare Quotes and Coverage

This goes along with requesting three to five quotes. It’s easy to assume that all car insurance companies are the same, but nothing could be further from the truth. As you compare quotes and coverage, do so with a clear idea of what your current policy looks like (see above). 

Tip: don’t focus so much attention on the cost of coverage that you overlook other details that are every bit as important. Saving money is a big deal, but now the only thing that should come into play. 

Ask Questions and Finalize Your Policy

This is the last step in the process. It’s when you tie up any loose ends and make your first payment to finalize your policy. If you have questions, don’t hesitate to direct them to the company of interest. You can generally do so online or via phone. Common questions include but are not limited to:

  • What sets your car insurance company apart from others in the industry?
  • How long have you been in business? How long have you been working with small business owners to provide comprehensive car insurance coverage?
  • Do I qualify for any discounts? 
  • How often do I pay my premiums? Do you offer a discount for paying for three or six months at a time?
  • What is the process for filing a claim should the time come?

When you ask these types of questions, you’ll find it easier to finalize your policy with a clear mind. This is a big decision that can affect your small business on many fronts, so you don’t want to make a mistake. Don’t do anything until all your questions are answered. 

The Challenges of Small Business Car Insurance

Even though the process of buying small business car insurance online is simple to understand, there are sure to be some challenges along the way. On the plus side, there’s nothing so challenging that you won’t be unable to overcome it. You may simply need to adjust your approach.

Here are some challenges that could get in the way:

  • Too many choices: Yes, this is a good problem to have, but it is a problem nonetheless. The more choices you have, the more difficult it is to decide which company and policy are best for you. 
  • Price: You have a budget in mind, but there is no guarantee that you’ll find a policy that fits. If this happens, you may need to take a step back to reassess your situation. 
  • Not enough information: Buying insurance online is easier than ever before, but you may still feel like you don’t have the info necessary to make a confident decision. In this case, you will find yourself reaching out directly to insurance companies. This can take a good amount of time out of your day. 
  • Complicated system: This is not something you expect, but it could get in your way as you get started. Some online insurance brokers have simple-to-use systems, while others are clunky and full of bugs. It goes without saying that you don’t want to waste time with a system that doesn’t work for you. There are enough options out there that you should be able to find one. 

The more challenges you face, the more you’ll feel like giving in and going down another path. However, once you have come this far, there is no point in going back. You’re closer than ever to buying the right policy at the right price from the right company. 

Final Thoughts

When you do these five things, it won’t be long before you have comprehensive coverage for all your company vehicles. And when that happens, you’ll have the peace of mind you’ve been searching for! 

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